MAS 'using technology to keep financial industry clean'

Big data and machine learning are being considered as weapons against money laundering as the Monetary Authority of Singapore works to restore Singapore’s reputation as a clean financial centre. MAS managing director Ravi Menon told a briefing on Monday: “We are using data analytics to enhance market surveillance, to help us identify potential market misconduct and investigate specific offences. “For example, we are exploring the use of machine learning algorithms to identify manipulative trading behaviour in the capital markets or to detect patterns across suspicious money-laundering transactions.” His comments came in response to breaches of anti-money laundering rules related to the 1MDB scandal, which “have made a dent in our reputation as a clean and trusted financial centre”, added Mr Menon. While the MAS has vowed to step up supervision…